VF

Today we were able to visit the VF Corporation in Greensboro, North Carolina. The office we visited was the corporate headquarters for VF Jeanswear that includes the brands of Wrangler and Lee. Most of the presentation focused on the company of VF and used Wrangler as a example. We were able to get a very detailed look as many people gave a presentation. We were able to hear from the CFO, someone from strategy, merchandising, marketing, and chain of supply. It was a look into how major companies functioned. One thing I noticed that it seemed like there was a lot of turnover as out of the seven people who talked, about 5 had less then five years at the company. This turnover means that the company wasn’t doing well. It was a said that it was a 69% increase in the company stock.
The mission of VF Corporation and VF Jeanswear is to provide the right product, at the right price, at the right time for their customers. VF is focused on the profitability of their 36 brands. Part of the mission of VF is to increase the brand awareness and get a following for the brand that will increase the sales. Wrangler and Lees have decent brand recognition but VF still wants to improve the image of the company and the brand. VF’s plan for the future is to create a direct to consumer store. This will help the profitability of the brands and the company. VF has enough brands to create a big store that would be popular. The problem is that it costs too much to run the store so VF is also looking into expanding the online store for their brands and products. The customers of VF are a ton of different demographics. For VF, mainly retail stores and big department stores are the main customers for the brands. The stores value the quality of the product, the ability to make money off the product, and finally the exclusive rights to a product. For example if a certain type of Wrangler jeans is sold at Wal-Mart then a store like Kohl’s or Macy’s wont want to compete with the low prices of Wal-Mart. The retail stores value the ability to be the only ones to sell a brand or product in order to avoid competition.

Follow